Mobile payment technology (MPT) uses a smart phones, tablets or cell phones to make immediate payments for products and services. Increasing adoption of advanced technologies such as near field communication (NFC), wearable devices, and mobile point-of-sale (m-POS) are expected provide a significant impetus to the global mobile payment technologies market in the forthcoming years. The report states that the global According to the research report, the global MPT market is expected to be worth US$1,773.17 bn by the end of 2024 as compared to US$338.72 bn in 2015. During the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 20.5%. Currently, the mobile payment technologies market is expanding at a higher rate due to the increasing adoption of smart phones and tablets across emerging economies.

The mobile payment technology market is slated to grow at a phenomenal pace in the coming years due to increasing usage of smart devices that operate on mobile data. This trend is expected to continue as accessibility to internet improves among end users. Furthermore, developing regions such as Asia Pacific and the Middle East and Africa are showing a keen interest in adoption of immediate payment technologies as governments are initiating cashless economies.

Moreover, integration of IoT with payment applications provides significant opportunities to extend payment solution offerings and develop enhanced payment technologies. Therefore, it is anticipated that the Internet of Things will boost more payments through digital wallets during the forecast period.

However, low consumer interest for picking new technology is a major factor restraining the growth of the mobile payment technologies market.

On the basis of geography, the global MPT market is segmented into North America, Asia Pacific, the Middle East and Africa, and South America. Analysts anticipate that Asia Pacific will lead the pack in the coming years as it is slated to account for a share of 42.5% in the global market by the end of 2024.

On the basis of type, mobile payment technologies market is segmented into proximity payments and remote payments. Proximity payment technology market is further segmented into near field communication (NFC) and QR code payments. Among these proximity payments, NFC segment is anticipated to show large-scale adoption due to technological development in the mobile payment technologies across the world. Whilst, the remote payment technology market is further categorized into SMS-based, USSD/STK, direct operator billing (credit/debit cards) and digital wallets.

Rising demand for advanced payment technology and increasing focus on making cashless economy has led to the strong presence of mobile payment technology providers in the market. Some of the major players in global mobile payment technologies market are MasterCard International Inc., Visa, Inc., American Express, Co., Boku, Inc., Fortumo, PayPal, Inc., Bharti Airtel Ltd., Vodafone Ltd., AT & T, Inc., Google, Inc., Apple, Inc., and Microsoft Corporation.

Global Mobile Payment Technologies Market: Overview

This report provides an analysis of the global mobile payment technologies market for the period from 2014 to 2024, wherein the period from 2016 to 2024 comprises the forecast period and 2015 is the base year. Data for 2014 is provided as historical information. The report covers all the major trends and technologies playing a major role in the growth of the mobile payment technologies market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market’s growth during this period. The study provides a holistic perspective of the growth of the mobile payment technologies market throughout the forecast period in terms of revenue estimates (in US$ Bn), across Asia Pacific (APAC), South America, North America, Europe, and Middle East & Africa (MEA).

Global Mobile Payment Technologies Market: Drivers and Trends

Mobile payment is a technology which allows consumers to make immediate payments for products and services by using a portable electronic device such as a smart phones, tablets or cell phones, which are operated as a payment vehicles. Growing adoption of advanced technologies such as near field communication, wearable devices, and mobile point-of-sale are expected to lift the demand for mobile payment technologies in forthcoming years. The adoption of immediate payment technologies are unceasingly increasing in developing regions such as Asia Pacific and MEA. This is also a major factor which is expected to boost the mobile payment technologies market in the coming years. Apart from this, rapid developments in the mobile payment solutions to provide better payment service to the end-users are also anticipated to fuel the growth of the mobile payment technologies market. In addition, growing government led initiatives and increasing adoption of smart appliances are anticipated to drive the market. Moreover, integration of IoT with payment applications provides major opportunities to extend payment solution offerings and develop enhanced payment technologies. Consequently, it is anticipated that the Internet of Things will boost more payments through digital wallets during the forecast period

Global Mobile Payment Technologies Market: Segmentation

The reports includes global mobile payment technologies market segmented on the basis of type, purchase type, and end-use application. By type, the mobile payment technologies market is segmented into proximity payments and remote payments. The market for proximity payment technology is further cross-segmented into near field communication (NFC) and QR code payments. Whilst, the remote payment technology market is segmented into SMS-based, USSD/STK, direct operator billing (credit/debit cards) and digital wallets. On the basis of purchase type, the mobile payment technology market is segmented into money transfers & payments, travel and ticketing, airtime transfers & top-ups, merchandise and coupons, and others. Further, the end-use application segmentation includes hospitality and tourism, BFSI, media and entertainment, retail, health care, IT and telecommunication, education and others. Among these end-use industries, retail application is projected to observe strong growth primarily due to increasing in-store payments through smart phones in developing regions. The report covers the analysis of these segments across all geographies, along with qualitative analysis for key market indicators supplementing the growth of mobile payments market during the forecast period.

Key Players Mentioned in this Report are:

The report also includes competitive profiling of the key players associated with the mobile payment technologies market. The important business strategies adopted by them, their market positioning, and recent developments have also been identified in the research report. The competitive landscape section of the report also gives an overview about the major contributing regions/countries by these key players in order to strengthen their market position in the future.

Rising demand for advanced payment technology and increasing focus on making cashless economy has led to the strong presence of mobile payment technology providers in the market. Some of the major players in global mobile payment technologies market are MasterCard International Inc., Visa, Inc., American Express, Co., Boku, Inc., Fortumo, PayPal, Inc., Bharti Airtel Ltd., Vodafone Ltd., AT & T, Inc., Google, Inc., Apple, Inc. and Microsoft Corporation.

Market Segmentation

Mobile Payment Technologies Market, by Type

Proximity Payment

Near field Communication (NFC)

QR Code Payment

Remote Payment

SMS-based

USSD/STK

Direct operator billing (Credit/debit card-based)

Digital wallet

Mobile Payment Technologies Market, by Purchase Type

Airtime Transfers & Top-ups

Money Transfers & Payments

Merchandise and Coupons

Travel and Ticketing

Others

Mobile Payment Technologies Market, by End-use Application

Hospitality & Tourism

BFSI

Media & Entertainment

Retail

Health Care

IT & Telecommunication

Education

Others

Mobile Payment Technologies Market, by Geography:

North America

The U.S.

Canada

Rest of North America

Europe

The U.K.

Germany

France

Rest of Europe

Asia Pacific (APAC)

China

Japan

India

Australia

Rest of APAC

Middle East and Africa (MEA)

GCC Countries

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

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